Tax Filing Preparation

This guide explains how to use Anchor reports to organise your books before you (or your accountant) file. Anchor prepares figures from posted journals. It does not submit returns to SARS or any other authority.

Disclaimer: Tax rules vary by jurisdiction and change frequently. This guide provides general workflow guidance. Always consult a qualified tax professional for filing advice. If you notice outdated information, please contact Anchor.

Before You Start

1. Reconcile all bank accounts - Ensure your books match your bank statements for the full tax year
2. Review open invoices and bills - Decide whether to include accrued amounts
3. Categorize all transactions - Check for uncategorized entries that could affect your reports

South Africa: VAT report for SARS

For organisations with country ZA, use Tax → VAT Report (not the generic sales-tax return). Full field notes are on the VAT report page.

1. Post invoices (output VAT) and bills or expenses (input VAT) for the period.
2. Reconcile the bank so cash-basis figures, if you use them, match money that moved.
3. Open Tax → VAT Report, pick the period (including the two-month Category A style presets) and accrual or cash basis.
4. Check F4 (output), F14 (input), and F20 (net). Drill into F4 and F14 if a figure looks wrong.
5. Export PDF or CSV for your records.
6. File on SARS eFiling. Anchor does not eFile.

This is a simplified preparation report. It is not a full interactive VAT201.

Choosing software first? See free accounting and bookkeeping software in South Africa.

Step 1: Generate Year-End Reports

Navigate to Reports and generate the following for your tax year:

Profit & Loss

Shows total revenue and expenses for the year. This is the primary report for most tax filings.

Balance Sheet

Shows your financial position at year-end. Useful for businesses that report assets and liabilities.

Tax Summary

Summarizes taxable income and deductible expenses by category.

Expense Analytics

Detailed breakdown of expenses, helpful for itemizing deductions.

Step 2: Use Tax-Specific Tools

• South African VAT - VAT report as above
• US sole proprietors - Use the Schedule C Worksheet to map expenses to IRS categories
• UK/EU businesses - Generate a VAT Return for the final period
• Australian businesses - Complete the BAS for the final quarter
• US sellers - Review Sales Tax collected by jurisdiction

Step 3: Export Your Data

All reports can be exported for sharing with your accountant:

• Use the Export button on any report page
• Provide your accountant with read-only access via Settings > Advisors

Step 4: Close the Tax Period

After filing:

1. Navigate to Tax > Periods
2. Close the period for the filed year
3. This locks transactions and prevents accidental modifications

Checklist

• All bank accounts reconciled
• All transactions categorized
• Profit & Loss report reviewed
• Tax-specific worksheets generated
• Data exported or shared with accountant
• Tax period closed after filing

Related

• VAT report - F4 / F14 / F20 and SARS disclaimer
• Tax and Compliance - Tax features overview
• For Solopreneurs - Tax basics
• Solopreneur Setup - Initial setup guide